We're not overly concerned about the global bond selloff from a US perspective. Our real yields look quite attractive relative to the rest of the globe. If there is more selloff, expect it more in developed markets around the world, not as much in the US.

Our belief is you'll probably get another two cuts this year. We expect the Fed to try to deliver at least one rate cut before the midterm elections in November.

The oil market is saying this is not going to be a sustained increase in energy. You would need that sustained increase AND the consumer to spend just as much on everything else to keep inflation a wide problem across the economy.

We are positive on the US versus the rest of the world. The more dangerous the rest of the world gets, the unassailable competitive advantage the US has. We're overweight US versus rest of world.